Three brothers of a family own a furniture showroom. Each of them is actively involved in handling the day-to-day business activities. However, when the business suffered huge losses at the end of the last fiscal year, the personal wealth and assets of the brothers did not get affected. This is most likely because the brothers have a:

Question

Quizplus · Accepted Answer

In a limited liability partnership (LLP), the personal assets of the partners are protected from the business's debts and liabilities, which explains why the brothers' personal wealth and assets were not affected by the business losses.

Three Brothers of a Family Own a Furniture Showroom